CNPC Gets $30 Billion Loan for Overseas Oil Takeovers - Bloomberg

Sept. 9 (Bloomberg) -- China National Petroleum Corp., parent of the world’s biggest company by market value, receiveda $30 billion loan to fund overseas expansion as the country’sgovernment stepped up its hunt for energy resources.

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The five-year loan will be provided at a discountedinterest rate by China Development Bank under an agreementsigned yesterday, PetroChina Co. The accord underscores China’s strategy to accelerateacquisitions of energy resources abroad after spending $12billion this year on oil fields and refining assets in countriesincluding Singapore and Canada. The world’s third-biggest economyis taking advantage of lower valuations to build oil reserves andensure future supplies after demand doubled in the last decade.

Full Story: CNPC Gets $30 Billion Loan for Overseas Oil Takeovers - Bloomberg